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characteristics of microeconomics
Explanation of the Break in Trend: An economy can grow in three different ways or all three ways may work simultaneously: 1) Horizontally, i.e., it may go on producing m
a. Determine Australia’s market equilibrium for TV sets. i. (1) What are the equilibrium price and quantity?
Wholemark is an Internet order business that sells one popular New Year greeting card once a year. The cost of the paper on which the card is printed is $0.50 per card, and the cos
The market for labor can be studied use a supply and demand framework. The demand for labor is from employers who use labor to produce goods and services. The supply of labor is
Functions of Money Money performs several important functions. It serves as a medium of exchange, a unit of account, a store of value and a standard of deferred payments. In a
Derived demand and Demand schedule: D erived demand is where the demand for a final product leads to the demand for a second product which is used to produce this final p
When the curve that envelops the sweries of possible short-run average total cost curves is horizontal, this means that they are a. economies of scale, b. dieconomies of scale, co
The benefits of increased openness in trade. Narrowly defined, trade openness is lowering trade barriers - facilitating increased imports - whereas focusing on international ex
Objectives of the WTO: The agreement establishing the WTO reiterates the following objectives of the WTO: • Raising standards of living and incomes, ensuring full employm
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